Signal, the rapidly growing chat app, is allowing its users to make payments with the cryptocurrency MobileCoin, the non-profit behind the app announced yesterday.
Signal is now the fastest-growing app globally. It just launched seven years ago. And it’s been adding useful features since then.
Recently, it has found another way to attract more users to use its encrypted messaging app to pay. And the payments feature won’t just enable you to send money to another person but it supports cryptocurrency MobileCoin too.
Signal MobileCoint Cryptocurrency Payments Feature
It’s still in beta mode and it’s only available in the UK currently. Additionally, it only supports MobileCoin cryptocurrency, which is a form of digital cash designed to be used on smartphones.
By supporting MobileCoin, Signal is not able to access your balance, funds, and your full transaction history. Furthermore, you can transfer or send funds at any given time.
Unlike Bitcoin, MobileCoin is a private cryptocurrency that values privacy.
Although it’s only available in the UK, for now, this experiment means that Signal aims to bring privacy-focused cryptocurrency to its millions of users.
This new feature will provide the same seamless experience as encrypted conversations. When you send cryptocurrency through Signal, you won’t feel like someone is watching or listening.
Privacy coins can circumvent banks. They also protect the identity of their users and the details of payments.
Although there are more well-known and popular private cryptocurrencies, MobileCoin provides the most seamless user experience. It only needs little storage space and it only takes few seconds to complete the transaction.
This private cryptocurrency started trading as an actual currency that has real value in December 2020.
Signal chose to launch this new payment feature in the UK as you can’t buy this cryptocurrency yet in the US.
However, even if you can receive or transfer MobileCoin, users still need to cash out and convert them to traditional currency. Keep in mind that this cryptocurrency isn’t widely accepted yet.
Moreover, MobileCoin is more volatile than Bitcoin. There’s a constant price swing that changes the balances in Signal wallet within the day or hours.
But Signal will add a feature that enables users to convert this cryptocurrency into dollars or another stable currency when they make a payment.
MobileCoin and other private-focused cryptocurrencies have some flaws. If they provide a completely anonymous way to send and receive money, then it will be used for drug sales and money laundering.
Because of these issues, Signal may face new regulatory risks.
Still, this feature is in beta mode. Signal may choose not to implement it as part of its permanent feature. Signal didn’t state when it’ll be available.